Wells Fargo & Co. (NYSE: WFC) is calling on startups to help create customer-focused, digital capabilities.
San Francisco-based Wells Fargo launched an innovation challenge today for entrepreneurs to apply to work with the bank on solutions to customer problems. The challenge taps into the company's Multi-X Future concept, a more equitable way of banking that considers different types of engagement. Today's consumers handle multiple types of investments across varying channels in their individual networks.
Wells Fargo is looking for new ideas to accommodate that.
"It hasn't been done in banking before, but our lifestyles have changed to do it this way," said Madhu Narasimhan, head of innovation at Wells Fargo. "We're making choices that we never did before."
Narasimhan said the bank's goal is to help customers better leverage their resources to make financial decisions. The innovation challenge is a response to evolving customer needs, including the digital demand accelerated during the pandemic. She said this work is part of a larger strategy to incorporate innovation across the Wells Fargo organization.
Narasimhan took over her current role last year. Prior to Wells Fargo, she led virtual channels and analytics for Kaiser Permanente health-care delivery.
Interested startups can submit their applications for review by Narasimhan and Chintan Mehta, Wells Fargo's chief information officer and head of digital technology and innovation. Narasimhan said she wants the application process to move quickly. The bank is looking nationwide for innovators, not concentrating in a certain geography.
Narasimhan, who also has startup experience, views the challenge as a way to reduce barriers and save time.
"One of the biggest problems (startups) face is you have this amazing idea and you know that this large company will benefit from it, that this would solve something for them, but you spend so much time trying to get to the decision makers," she said. "We know we can move faster. We can learn from these startups."
Selected startups will work with the bank over the next several months to come up with a demonstrable product. The top three finalists will present their ideas at Wells Fargo's Innovation Summit on Nov. 8-10 in the San Francisco Bay Area. The winner will receive a $250,000 prize.
